Posts tagged ‘Unipec’

In the world of crude oil trading and energy security, some cardinal rules apply — never destabilize your most secure source of supply and never upset a trading relationship with the largest supplier in the market.

Chinese trader Unipec broke both rules at one go and the timing was terrible.

Reflecting on the state of the world in Singapore a few weeks ago, Fatih Birol, the executive director of the International Energy Agency, offered praise for how well China has managed its ascendancy up the oil demand table.

China has plenty of oil demand in front of it. Here’s a sobering thought: at a little more than 3 barrels per person per year, per capita oil demand is a fraction of Western Europe’s 13 barrels per person per year, and well below the 20 barrels every American consumes each year.